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Costco posts 19.1% U.S. comp-sales gain in March

Net sales climb by double digits for third consecutive month in calendar 2022

Russell Redman

April 7, 2022

3 Min Read
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Costco Wholesale saw net sales rise 18.7% to $21.61 billion for the five-week March retail reporting period.Costco

Costco Wholesale finished the calendar-year first quarter in March with its third straight month of double-digit net and comparable sales gains.

For the five weeks ended April 3, net sales surged 18.7% to $21.61 billion from $18.21 billion in the prior-year five-week period, when sales were up 17.6%, Costco said yesterday after the market close. The warehouse club chain noted that the 2022 March retail reporting month had an extra shopping day versus a year ago because of the Easter calendar shift, which lifted net and comp sales by 1.5% to 2%.

Companywide, comparable-club sales climbed 17.2% for March and were up 12.2% excluding changes in fuel prices and foreign exchange (FX) rates, versus year-ago comp-sales growth of 16% (11.1% excluding fuel and FX).

By business unit, March comp sales advanced 19.1% in the United States (12.7% excluding fuel and FX), 15.7% in Canada (12.2% excluding fuel and FX) and 8.4% internationally (10.1% excluding fuel and FX), Costco reported.

March’s results built on the growth pace from February, when Costco posted increases of 15.9% in net sales and 14% in comp sales, the latter including 17.4% growth in the U.S.

E-commerce sales rose 8.9% on a comparable basis in March and were up 9.2% excluding FX. That compared with a 10.2% uptick in February (10.4% adjusted) and a March 2021 jump of 57.7% (54.5% adjusted).

Related:Costco Q2 builds on robust prior-year gains

“Our comp traffic, or frequency, for March was up 8.2% worldwide and 7% in the U.S.,” David Sherwood, assistant vice president of finance and investor relations at Costco, said in a phone report late Wednesday. “Worldwide, the average transaction for March was up 8.3%, which included the benefit from gasoline inflation and the negative impact from FX.”

FX rates relative to the U.S. dollar negatively impacted net and comparable sales 0.7% for the company overall, including 0.6% in Canada and 4.7% in other international markets, according to Sherwood. “Gasoline price inflation positively impacted total reported comp sales by approximately 5.7%,” he said. “The average worldwide selling price per gallon was 46% higher this year.”

U.S. regions and markets turning in the strongest comp-sales performances for March were San Diego, the Midwest and the San Francisco Bay Area, Sherwood reported, while the top international comp-sales results were led by Australia, Mexico and the United Kingdom.

“Moving to the merchandise highlights,” Sherwood said in an overview of category comp-sales results (excluding FX), “food and sundries were positive in the low to mid-teens. Candy, frozen food and sundries were the strongest departments. Fresh foods were up high single digits; better-performing departments included service deli and bakery. Nonfoods were positive mid-single digits. Better-performing departments included toys, tires, automotive and jewelry. Ancillary business sales were up mid-50s. Gas, food court, pharmacy and travel were the top performers.”

Related:Costco elevates Ron Vachris to president, COO

Issaquah, Wash.-based Costco currently operates 829 warehouse clubs overall, compared with 807 a year ago. By market, the retailer operates 573 clubs in the U.S. and Puerto Rico, 105 in Canada, 40 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in Korea, 14 in Taiwan, 13 in Australia, four in Spain, two each in France and China, and one in Iceland. Costco also runs e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

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About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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